UK lawmakers to call up HSBC, tax office over Swiss tax allegations

Reuters Staff

2 Min Read

LONDON (Reuters) - British lawmakers said on Thursday they planned to take evidence from HSBC (HSBA.L) and the UK tax authority over allegations that some clients of HSBC’s Swiss private bank evaded tax.

The HSBC bank logo is pictured at a branch office at the Paradeplatz in Zurich February 10, 2015. REUTERS/Arnd Wiegmann

“The (Treasury) Committee is concerned about allegations involving HSBC and its Swiss private bank,” said Andrew Tyrie, chairman of the Treasury Committee, which watches over the financial industry.

“Banks have repeatedly told the Committee that, since the crisis, they have put in place reforms to ensure that they operate on the basis of sharply improved standards. The Committee will need reassurance that they have done so in private banking,” Tyrie said in a statement on Thursday.

A spokeswoman said the evidence sessions would probably take place quite soon after UK Parliament returns from a break between Feb. 12 and Feb. 23.

HSBC this week admitted failings in compliance and controls in its Swiss private bank after media reports alleged it helped wealthy customers conceal millions of dollars of assets in a period up to 2007.